My experience getting a VA Loan through USAA and the closing costs and other costs that I’ve found to be associated with purchasing a home. The process with USAA so far has been easy (we haven’t closed yet), but there were some costs that I wasn’t 100% prepared for. Please let me know how your experience has been if you’ve used your VA loan benefit.

It’s an excellent time to look at the fifteen-year fixed rate mortgage; today’s mortgage rates for conventional, FHA, VA, and USDA loans; and, how amortization works in your favor with a fifteen-year fixed rate mortgage.

Affordable homes in high demand in greater St. George area
WASHINGTON COUNTY, UTAH – + Video – (11/07/17) – Washington County is ranked among the top 10 fastest growing counties in the nation. With the population expecting to triple by the year 2040, the search for affordable homes is becoming a problem. The supply and demand has already driven up home prices. The average cost of homes sold in the area are between 0-0,000. For those looking to buy homes under that price, the choices are slim. In part two of our series on affordable housing we’ll tell you what you can expect as a buyer in this strong seller’s market.

VA Loan Guaranty Service (According to the Department of Veteran Affairs):

“VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.”

Realizing your dream of homeownership is just a few steps away. Veterans United Home Loans offers the knowledge of true VA Loan specialists dedicated to ensuring you get the most out of your hard-earned benefit. Let us be your virtual guide through this quick step-by-step tour through the VA Home Loan process. Understanding the VA mortgage is the first step to purchasing a home.

If you’d like to learn more about the VA Loan Process or how to get started, check out website: http://www.veteransunited.com/va-loans/process/

Specific conditions and requirements must be met to qualify for a VA Home Loan. To see if you qualify, please contact Veterans United Home Loans. NMLS 1907 (www.nmlsconsumeraccess.org); A VA Approved Lender, Not a Government Agency. 1400 Veterans United Drive Columbia, MO 65203. An Equal Opportunity Lender.

Last week we have talked about what is Adjustable Interest Rate Mortgage and how it is different from the fixed rate mortgages. As we know, for fixed rate mortgage, we have 15 and 30 year options. Then how about ARMs, what options and choices do we have?
Most of the ARM loans available today are actually “hybrid” loans. As you probably know, a hybrid is a combination of two different things, like a hybrid engine that is powered by both gas and electricity. Mortgage lenders can structure ARM loans however they want, as long as they meet federal lending laws. As a result, there are many different types of adjustable-rate mortgages in use today.
Well, normally the most common ARM type are:
• 7/1 ARM: This loan has a fixed interest rate for the first 7 years, and then adjusts annually after that.
• 5/1 ARM: Another hybrid loan structure. It holds a fixed rate for the first 5 years, and then adjusts annually.
• 1-year ARM: Fixed for the first year, annual rate adjustments after that.
In the case of a hybrid loan (defined above), the primary difference is the length of the initial fixed-rate period. Regardless of these differences, the adjustments typically occur once every year after the initial phase has expired.
Besides these difference, another thing you need to consider is whether you want to use conventional or FHA.
You see? Choosing an ARM is actually much more complex than what you thought.
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